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SM Investments Corporation PHP

SM Investments Corporation is a Philippine holding company with core investments in retail, banking, and property development, operating through subsidiaries such as SM Retail, BDO Unibank, and SM Prime Holdings.

Sector: Conglomerate

PH_SM

Price chart

531 PHPDay -3.37%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
531 PHP · -3.37%
Market cap
642.1 bn PHP

Growth

Δ revenue y/y
7.5%
Δ EBITDA y/y
7.7%

Multiples

P/E (LTM)
5.0x
P/B (FY)
0.7x
P/E (ann.)
4.8x
EV/EBITDA (LTM)
5.6x
EV/EBITDA (ann.)
5.7x

Cash return

Dividend yield
3.2%
FCF yield (LTM)
16.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+14.0%
↓ details

Liquidity

Daily turnover
—

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B PHP, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB PHPOperating profitB PHPD&AB PHPEBITDAB PHPNet profitB PHPOperating CFB PHPCapex + M&AB PHPAssetsB PHPEquityB PHPROE (annualized)Net debtB PHPSource
2026-06-30Q2 2026 (3M)OK179.8
y/y 7.5%
42.2
y/y 6.8%
—
y/y —
—
y/y —
33.2
y/y 6.4%
——1823.7
y/y 5.7%
976.0
y/y 8.7%
13.6%≈ 393.0Link
2026-03-31Q1 2026 (3M)PARTIAL159.4
y/y 4.9%
38.4
y/y 6.5%
7.1
y/y 6.7%
45.5
y/y 6.5%
29.2
y/y 5.7%
10.6-2.91826.8
y/y 6.5%
973.3
y/y 9.2%
12.1%393.0Link
2025-12-31Q4 2025 (3M)OK199.5
y/y 3.7%
46.8
y/y 7.8%
0.0
y/y -99.9%
46.8
y/y -7.3%
35.0
y/y 14.5%
53.3-2.91811.8
y/y 6.6%
955.6
y/y 10.3%
13.2%389.4Link
2025-09-30Q3 2025 (3M)OK163.1
y/y 1.3%
38.0
y/y -1.2%
7.0
y/y 5.5%
45.0
y/y -0.2%
30.0
y/y 3.4%
28.5-3.21761.8
y/y 6.6%
926.4
y/y 9.9%
4.4%407.6Link
2025-06-30Q2 2025 (3M)OK167.2
y/y 6.0%
39.5
y/y 5.9%
6.8
y/y 4.1%
46.3
y/y 5.6%
31.2
y/y 4.4%
25.5-2.41726.0
y/y 7.7%
898.1
y/y 11.1%
13.9%408.5Link
2025-03-31Q1 2025 (3M)PARTIAL152.0
y/y 5.8%
36.1
y/y 8.8%
6.6
y/y 5.6%
42.7
y/y 8.3%
27.6
y/y 9.4%
9.8-2.11715.7
y/y 7.3%
891.2
y/y 11.9%
12.6%394.7Link
2024-12-31Q4 2024 (3M)PARTIAL192.3
y/y —
43.4
y/y —
7.1
y/y —
50.4
y/y —
30.5
y/y —
43.3-3.91699.1
y/y —
866.4
y/y —
13.4%396.1Link
2024-09-30Q3 2024 (3M)PARTIAL161.0
y/y 4.8%
38.5
y/y 6.0%
6.6
y/y 9.9%
45.1
y/y 6.6%
29.0
y/y 7.4%
24.7-2.41652.1
y/y 7.4%
842.7
y/y 12.9%
4.7%398.3Link
2024-06-30Q2 2024 (3M)PARTIAL157.7
y/y 6.3%
37.3
y/y 8.3%
6.5
y/y 9.1%
43.8
y/y 8.4%
29.9
y/y 14.0%
31.8-2.61603.2
y/y 6.3%
808.4
y/y 12.4%
14.9%417.5Link
2024-03-31Q1 2024 (3M)PARTIAL143.7
y/y —
33.1
y/y —
6.3
y/y —
39.4
y/y —
25.2
y/y —
7.8-3.71599.0
y/y —
796.7
y/y —
12.9%≈ 284.4Link
2023-12-31Q4 2023 (3M)OK175.9
y/y —
40.0
y/y —
6.8
y/y —
46.8
y/y —
29.2
y/y —
30.8-5.21586.2
y/y —
772.2
y/y —
15.4%284.4Link
2023-09-30Q3 2023 (3M)OK153.7
y/y —
36.3
y/y —
6.0
y/y —
42.3
y/y —
27.0
y/y —
25.8-2.41537.9
y/y —
746.2
y/y —
4.9%314.9Link
2023-06-30Q2 2023 (3M)OK148.4
y/y —
34.4
y/y —
6.0
y/y —
40.4
y/y —
26.2
y/y —
26.2-2.51507.8
y/y —
719.0
y/y —
—308.7Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)491 236
− Cash & equivalents98 200
Net debt393 036

Net debt / LTM EBITDA: 2.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₱ mln)

050 000100 000150 000200 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-10%-5%0%5%10%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) (₱ mln)

-10 000010 00020 00030 00040 00050 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₱ mln)

0100 000200 000300 000400 000500 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2017–2025 operating cash flow came to 0.94x of reported net profit; after capex, 0.84x. Loss years (2022) are left out of the ratio.
year20242025
cash flow / profit0.94x0.94x
accruals, % of assets0.4%0.4%
Last twelve months (to 2026-06-30): 0.92x of profit came back as operating cash flow.
net debt / EBITDA 2.1x · EBIT covers interest 7.2x · capex 0.5x of depreciation
● Capex is 46% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
673 mln boe
2025
Reserve life (R/P)
8.9 yrs
reserves ÷ annual output
Annual production
75.50 mln boe
2025

Production, mln boe

64.20201555.30201644.50201743.90201848.30201946.40202051.40202153202255.50202362.40202475.502025

Proved reserves

YearReserves, mln boe
2025673
2024678.30
2023604.90
2022537.40
2021492
2020404.60
2019462
2018503.40
2017468.10

Production

YearProduction, mln boeper day, mln boe
202673.40 * (6M)
+99.5%		0.40
202575.50
+21.0%		0.21
202462.40
+12.4%		0.17
202355.50
+4.7%		0.15
202253
+3.1%		0.15
202151.40
+10.8%		0.14
202046.40
−3.9%		0.13
201948.30
+10.0%		0.13
201843.90
−1.3%		0.12

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +14.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (45 493 − 42 701) × 4.04
11 266
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (642 078 + 393 036) ÷ 183 573
5.6x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (5.6 + 10) ÷ 2
7.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 677 + 0 + 0 − 0
1 677
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (11 266 × 7.8 + 1 677) ÷ 642 078
+14.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +4%. 3-year CAGR -56%.
revenue growth by year: 2022 +14784% · 2024 -92% · 2025 +4%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Conglomerate. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
DMCI HoldingsPhilippines1.54.0x
Alliance Global GroupPhilippines1.24.3x
JG Summit HoldingsPhilippines2.05.4x
Aboitiz Equity VenturesPhilippines3.58.7x
Ayala CorporationPhilippines5.321.4x
Group median5.4x
Group average8.8x
This companyPhilippines10.15.6x

Group median 5.4x; this company 5.6x — a 4% premium.

Group average 8.8x; against the average this company is at a 36% discount. The average sits 61% above the median: Ayala Corporation (21.4x) skews the group.

At the adjusted group median the market cap would be -6% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Investor reporting (IR): https://www.sminvestments.com/financial-reports/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of SM Investments Corporation — from primary filings.

Frequently asked questions

What is SM Investments Corporation's P/E ratio?
SM Investments Corporation trades at a P/E of 5.0x (price to trailing 12-month earnings).
What is SM Investments Corporation's EV/EBITDA?
SM Investments Corporation trades at 5.6x EV/EBITDA.
What is SM Investments Corporation's P/B ratio?
SM Investments Corporation trades at a P/B of 0.7x.
What is SM Investments Corporation's dividend yield?
SM Investments Corporation's trailing 12-month dividend yield is 3.2%.
What is SM Investments Corporation's return on equity (ROE)?
SM Investments Corporation's ROE is 13.6%.
What is SM Investments Corporation's market capitalization?
SM Investments Corporation's market cap is 642.1 bn PHP.

See also: Philippine Stocks (2026): Where the Value Really Is (and the Traps) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map